KUALA LUMPUR: Private equity firm CVC Capital Partners is considering selling its 21% stake in QSR Brands (M) Holdings Bhd after multiple attempts by the regional fast-food franchise operator for a domestic listing, according to sources.
QSR Brands, the operator of KFC and Pizza Hut restaurants in South-East Asia, has tried to hold an initial public offering (IPO) on the local stock exchange since 2017.
The company, which holds the sole right from Yum! Brands Inc to run the fast-food chains in Brunei, Cambodia, Malaysia and Singapore, postponed its IPO plan last year amid concerns that poor macroeconomic conditions could hurt its valuation.
CVC is talking with at least one adviser to explore the sale of its stake, worth more than RM1.2bil, the sources said.
Johor Corp is the largest shareholder of QSR Brands with 56% stake, according to Johor Corp’s annual report. CVC declined to comment.
QSR Brands said it does not “have any knowledge about the matters raised” in a response to a request for comment yesterday.Last month, CVS bought a “minority stake” in Indonesian gas company Samator Indo Gas from existing shareholders for US$155mil (RM682mil).
In December, it sold its minority stake in Indonesia’s Garudafood Putra Putri Jaya to US-based Hormel Foods Corp. — Reuters
